Comparing Cayman, ADGM and Delaware holding structures

	Cayman Islands	ADGM	Delaware
How much does it cost?	Incorporation fee: USD 3,250 Renewal fee: USD 3,250	Incorporation fee: USD 3,250 Renewal fee: USD 3,195	Incorporation fee: USD 499 Renewal fee: USD 748
How long does it take?	5 – 7 working days	5 - 7 working days	1 - 2 working days
What is the process?	Online incorporation on the Clara platform. Purchase the formation package and submit the KYC documents on Clara.	Online incorporation on the Clara platform. Purchase the formation package and submit the KYC documents on Clara.	Online incorporation on the Clara platform. Submit the company information and purchase the formation package.
Is my company required to carry out certain activities to demonstrate economic substance?	Yes - click here to read more.	Yes - click here to read more.	No
What are the tax considerations?	Tax free jurisdiction	Tax free jurisdiction	Taxes apply. No state tax other than the annual franchise tax. You could be subject to federal taxes on income, dividends and upon a sale. Always seek legal and tax advice to understand any consequences of setting up in Delaware.
Am I required to have a director who is a resident in the jurisdiction?	No	No. However a UAE resident or GCC National is required to be appointed as an Authorised Signatory. A nominee can be appointed.	No
Are multiple classes of shares allowed?	Yes	Yes	Yes
Are there restrictions on shareholders or capital?	None	None	None
Other points to consider	All companies in the Cayman Islands renew on 31 December regardless of the date of incorporation.	Opening a bank account in the UAE requires a UAE identity card with the exception of some digital banking providers	May need to obtain a Tax ID number. There are annual fees and tax due on 1 March every year.